US strengthens sanctions on North Korean shipping

The US government announced the largest set of sanctions ever imposed in connection with North Korea, targeting shipping companies, vessels, and individuals across the world accused of illicit trading with the country. Specifically, the US is sanctioning 27 entities, 28 vessels, and one individual, all involved in sanctions evasions schemes.

In a recent statement to reporters, Treasury Secretary Steven Mnuchin said that this latest move targets "virtually all the ships they’re using at this moment in time."

Today’s actions will significantly hinder North Korea’s ability to conduct evasive maritime activities that facilitate illicit coal and fuel transports, and limit the regime’s ability to ship goods through international waters.

This latest action was part of the ongoing maximum economic pressure campaign to cut off sources of revenue that the country derives from UN and US to fund its nuclear and ballistic missile programs.

According to Mr. Mnuchin, the US has now imposed more than 450 sanctions against North Korea, about half of them in the last year.

Sanctions against North Korea have been imposed by a number of countries over the last decade, and are mainly concerned with the country's nuclear weapons program since 2006.

The UN Security Council Resolutions 2371 and 2375, which have unanimously passed in August and September 2017, expand the scope of the existing sanctions against North Korea, imposed under UNSCR 2270 and 2321 (2016).

Resolution 2371, passed in August 2017, banned all exports of coal, iron, lead, and seafood, imposing also new restrictions on North Korea’s Foreign Trade Bank and prohibiting any increase in the number of North Koreans working in foreign countries.